Finance for Young Minds: "Your Money and the World"
The latest episode of "What Your Bank Doesn't Tell You" is about an often overlooked topic: financial education for children. In a world where economic decisions shape our everyday lives, it's important that the next generation learns early on what money is, how it works and how to use it responsibly. But how do you teach these topics in a fun and understandable way?
Our guest in this episode is Cecile Biccari, author of the children's book “Your Money and the World”. With her insightful and colorful stories, she wants to teach children and young people how to deal with finances and help them develop a healthy relationship with money.
The first part of the book, lovingly designed as a comic, tells the story of the mouse Kiko, who proudly calls herself an expert in “treasury management”, and the girl Nora. Together they discover what Nora can do with her newly found treasure. The second part of the book is a mixture of documentary and textbook, in which the Cecile addresses questions that are particularly exciting and understandable for children. Here, basic financial topics are explained in a clear and age-appropriate way so that young readers can develop a solid understanding of how to handle money.
You can get the book HERE
Understanding money as a tool
Financial education should not just be about learning how to earn money, but more importantly how to use it wisely. The book teaches children that money is a tool that helps us achieve our goals, whether in our personal lives or in society. "It's not just about saving or spending, but also about investing and sharing," explains the author.
The book is structured to teach children how to manage money in an engaging and entertaining way. The first half is a story that explains basic financial concepts such as the origin of money, investing and responsibility. In the second half, the book delves into more complex topics, examining the role of money within society and how financial choices impact communities and the environment. It emphasizes the importance of social responsibility, encouraging readers to consider how their financial decisions can contribute positively to the world around them.
Learning financial responsibility
One of the central themes is the idea of responsibility. It's not only about saving money; it's also about learning how to spend it thoughtfully and make wise financial choices. One example from the book shows a young investor who wants to invest in a "slime park". The children learn that investments always involve risks and that you have to learn to act in a well-informed manner. They are encouraged to act thoughtfully and to gather information, recognizing that successful investing requires careful planning, informed choices, and a willingness to take on responsibility for outcomes.
"Financial responsibility also means understanding the consequences of your own actions. Children should learn that you don't just earn money, but also think about how to use it again," says Cecile. She emphasizes how important it is to teach children early on that money is not just a question of having, but also of giving and sharing.
Gaining practical experience
But how can parents put these concepts into practice? Cecile recommends starting with small amounts to give children their first hands-on experience with money. This way, they can learn how to save, invest and even donate. Parents should engage in open dialogue with their children, reflect on their own attitudes toward money, and collaborate with them to explore the different aspects of financial education.
Another topic covered in the book is investing and donating. Children should not only learn how to save and invest money wisely, but also the value of sharing and donating it to those in need. By experimenting with their own choices and small amounts in a safe setting, they gain a better understanding of the value of money and its various uses.
Conclusion: Financial education starts at home
In the end, it's about children building a healthy and confident relationship with money. Cecile encourages parents to actively engage with the topic and use it as an opportunity to learn with their children. After all, children's financial education is not only an important foundation for their future, but also a valuable opportunity to grow together as a family.
Teaching our children how to use, share and save money wisely not only lays the foundation for their financial independence, but also for a life characterized by responsibility and empathy. The book features Kiko the mouse, a treasure expert, and little Nora, teaching financial concepts and essential values for a good life.
Question for the next podcast guest
The question Cecile has prepared for our next podcast guest is:
How can we reimagine the history of money and the models we use to understand the world? The question of sustainability in finance is especially compelling, with the economy serving as the central framework for these issues.
Our existing economic models strongly influence how we understand value creation. But are these models still appropriate today? Perhaps it is time to explore and redefine the concept of a regenerative economy. What could such an economy look like, and how could we teach it in schools and universities?
You can find the answer from Prof. Dr. Thorsten Hens HERE.
About the author
Cecile Biccari has worked in sustainable finance for more than 20 years. She started her career at the World Business Council for Sustainable Development (WBCSD) in early 2000s and then worked in the finance industry, helping investors to understand the social and environmental challenges we face, and how to incorporate these factors in their financial decisions. Along the way, she helped develop a number of training courses for investment professionals. When her children, aged 7 and 5 at the time, started asking her questions about money, she decided to write a story to explain to them the basics of sustainable finance. Illustrated by Naiade Lacolomb and published by HELVETIQ, a Swiss publishing company, at the beginning of 2023, her book combines a comic strip story and a documentary explaining the connections between money, happiness, impact and responsibility. Cecile currently works at the Ethos Foundation to develop education programs on responsible investment for Swiss pension funds.
